Morgan Stanley economist Chetan Ahya in a report published this morning wrote:

Incoming high-frequency indicators are suggesting that growth likely accelerated in 2Q17. For July, there had been some GST-related weakness in the manufacturing PMI data. The RBI cut rates by 25bp at its monetary policy meeting on August 2, as expected by the market. However, we do not expect any further meaningful easing beyond this move and think that the RBI's focus will shift back towards the resolution process of non-performing loans in the banking system

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